Eastman Chemical Company - EMN STOCK NEWS

Eastman Chemical Company (NYSE:EMN) hosted its 2024 Circular Economy Deep Dive event, highlighting its innovation-driven growth strategy and circular economy initiatives. The company projects EBITDA of over $2.1 billion and approximately $1.6 billion cash from operations in a normalized market environment, with an additional EBITDA of >$500 million by 2029 through circular initiatives.

The circular initiatives include $350 million EBITDA from Kingsport and Longview methanolysis projects, and $150-200 million EBITDA from cellulosic biopolymer platform. For 2025, capital expenditures are expected to be $800 million, increasing to $800 million-$1 billion in 2026-2027. The company anticipates an incremental $75-100 million EBITDA contribution in 2025 from the Kingsport facility.

Eastman Chemical Company (NYSE: EMN) has announced a quarterly dividend increase from $0.81 to $0.83 per share on its common stock, marking its 15th consecutive year of dividend growth. The dividend will be paid on January 8, 2025, to stockholders of record as of December 16, 2024.

The company, founded in 1920, reported revenue of approximately $9.2 billion in 2023. As a global specialty materials company, Eastman employs around 14,000 people worldwide and serves customers in more than 100 countries, focusing on transportation, building and construction, and consumables markets.

A new study published in ACS Sustainable Chemistry & Engineering reveals that cellulose diacetate (CDA)-based foams made with Eastman Aventa materials show rapid marine biodegradability. The research, led by Woods Hole Oceanographic Institution, demonstrates that these foams lost up to 70% of their mass after 36 weeks in seawater, while polystyrene showed no degradation.

The CDA foams degrade more than four times faster than paper and up to 1,000 times faster than conventional plastics. The study suggests that switching from polystyrene to CDA-based foams for food trays could save society over $1 billion in pollution-related costs. Aventa, derived from sustainable wood pulp, is also being used for compostable straws and cutlery.

Eastman Chemical Company (NYSE:EMN) hosted its 2024 Circular Economy Deep Dive event, highlighting its innovation-driven growth strategy and circular economy initiatives. The company projects EBITDA of over $2.1 billion and cash flow of $1.6 billion in a normalized market, with an additional EBITDA of over $500 million by 2029 through circular initiatives. This includes >$350 million from methanolysis projects and $150-200 million from cellulosic biopolymer platform. Capital expenditures are expected to be $800 million in 2025 and between $800 million-$1 billion in 2026-2027.

BLACK+DECKER successfully launched its reviva™ line of power tools in early 2021 through a partnership with Eastman, despite challenges posed by the global pandemic. The tools' housing uses Eastman's Tritan Renew™ copolyester, featuring 50% recycled content. The collaboration overcame technical challenges through virtual meetings and extensive testing to meet stringent requirements for energized equipment. Ten reviva products were launched in 2022, including a 12V MAX drill, jigsaw, and sander. The partnership demonstrated successful virtual collaboration between teams, focusing on material performance, sustainability, and brand requirements.

Eastman Chemical Company (NYSE:EMN) has announced a Circular Economy Deep Dive event scheduled for November 21, 2024, in Kingsport, Tennessee. The event, running from 10:20 AM to 12:00 PM ET, will feature presentations from key executives including CEO Mark Costa, focusing on the company's circular economy growth platform. The agenda includes updates on Polyester Platform, Cellulosic Biopolymer Platform, and a financial overview, followed by a Q&A session. A live public webcast will be available on the company's investor website, with presentation materials and replay options accessible afterward.

Eastman and UPM Specialty Papers have partnered to develop an innovative food packaging solution. The collaboration combines Eastman's compostable and biobased Solus™ additives with BioPBS™, which can be extrusion coated onto UPM's barrier base papers. The solution provides heat sealability and enhanced adhesion at low coat weights, specifically designed for recyclability in food applications requiring oxygen and grease barriers, such as confectionery packaging. The materials have received industrial and home compostable certifications or are pending certification.

Eastman has established a new cardboard recycling partnership with Goodwill Industries of Tenneva and Domtar in Kingsport, Tennessee. The collaboration processes up to 120 tons of cardboard monthly, which Goodwill bales and transports to Domtar for recycling. The partnership, which began in April, has led to the creation of two new jobs at Goodwill and the purchase of a fourth baler. The initiative reduces carbon emissions through local processing, as Goodwill's facility is only five miles from Eastman's site, while supporting both environmental sustainability and employment opportunities in the community.

Eastman Chemical Company (NYSE:EMN) reported strong Q3 2024 results with sales revenue increasing 9% to $2,464 million, primarily driven by 8% higher sales volume/mix across all segments. Earnings per diluted share rose to $1.53, while adjusted EPS reached $2.26. The company maintained its full-year 2024 EPS guidance at $7.50-$7.70. Notable achievements include improved EBIT margin by 360 basis points and return of $195 million to shareholders. The company announced plans to construct a second methanolysis facility in Longview, Texas, while noting some operational challenges at the Kingsport facility.